Here is my take on this trend. It's not that I don't like it, because I appreciate any style that's daring, decorative, and colorful. It just feels anachronistic.
Rave exploded at a time when the economy was booming, there weren't any "major" wars (of course there are wars going on always), and the overall mood was unjaded and carefree. It's no coincidence that the best selling fragrance was Clinique Happy.
If fashion reflects what is going on in society, then I think the more somber trends are more "appropriate". They just feel more right, I don't know how else to explain it. Then again, maybe this nu rave trend is a defiant backlash against all this misery.